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UNITED GUAR. RES. INS. CO. v. PHILADELPHIA SAV. FUND

Nos. 86-1655, 86-1656.

819 F.2d 473 (1987)

UNITED GUARANTY RESIDENTIAL INSURANCE COMPANY OF IOWA, an Iowa Corporation, Plaintiff-Appellee, v. PHILADELPHIA SAVINGS FUND SOCIETY, Party in Interest-Appellant, Epic Mortgage, Inc., a Delaware Corporation, Community Savings & Loan, Inc., a Maryland Association, Dominion Federal Savings & Loan Association, a federal savings and loan association, First National Bank of Maryland, a national banking corporation, Continental Federal Savings Bank, a federal savings bank, American Savings & Loan Association, an Indiana savings and loan association, individually and on behalf of others similarly situated, Defendants. UNITED STATES MORTGAGE INSURANCE COMPANY, Plaintiff-Appellee, v. PHILADELPHIA SAVINGS FUND SOCIETY, Party in Interest-Appellant, and Epic Mortgage, Inc., a Delaware Corporation, Dominion Federal Savings & Loan Association, a federal savings and loan association; First National of Maryland, a national banking corporation; Continental Federal Bank, a federal savings bank; American Savings Bank; Valley Federal Savings & Loan Association; Virginia First Federal Savings & Loan Association; Shadow Lawn Savings & Loan Association, Defendants.

United States Court of Appeals, Fourth Circuit.

Decided May 27, 1987.

Attorney(s) appearing for the Case

Edward M. Posner (James C. Ingram, Thomas Schaufelberger, Drinker, Biddle & Reath, William T. Freyvogel, Adams, Porter & Radigan, on brief) for party in interest-appellant.

Thomas Atherton Allen (Ellen K. Glessner, Steven J. Cooperstein, White & Williams, on brief) for plaintiffs-appellees.

Before WIDENER, Circuit Judge, HAYNSWORTH, Senior Circuit Judge, and MAXWELL, Chief Judge, United States District Court for the Northern District of West Virginia, sitting by designation.

WIDENER, Circuit Judge:

This dispute arises out of the collapse of Equity Programs Investment Corporation (EPIC), a real estate syndication firm which formed and sold real estate limited partnership interests. EPIC organized approximately 350 Limited partnerships which purchased in excess of 20,000 single-family homes. EPIC financed these homes with loans originating from EPIC Mortgage, Inc., an EPIC affiliate that originates and services mortgage loans. EPIC Mortgage...

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